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Ryan McGinness 30 Thoughts Non-fungible Token Primer on NFT Art 26) It will soon be all over. Meaning, it will soon be all over the place. Minting an NFT is a bit complicated now, but it will soon be drag-and-drop easy-peasy. Supplies will flood culture, thus bringing NFT market prices down to pennies. Imagine buying an NFT is as easy as “liking” an image, and it only costs 2¢. An infinite number of people may “like/own” an NFT through micropayments. (Snapshots did not undermine fine art photography, but it is not yet clear if a new value system will emerge to ensure the value of the “art” NFTs.) 27) Flow Now imagine each “like/own” were a share in a DAO (Decentralized Auton- omous Organization), and that DAO were auto-liking/owning other NFTs throughout the internet. Money will finally achieve its desired liquid state and flow in currents around the world. 28) Arty McArtface Keep imagining: A DAO comprised of hundreds of millions of micro-investors could swell up to express the absurdist whims of “the people.” Collective urges in popular culture could influence cultural institutions (or auction houses) to displace the values of the intelligentsia. (Or has this already happened?) (See “Boaty McBoatface” and “50,000,000 Elvis Fans Can’t Be Wrong.”) 29) Utility On the other hand, DAOs could be used for good. See PleasrDAO’s purchase of Edward Snowden’s NFT that benefited the Freedom of the Press Foundation. This, in my opinion, has been the best use of an NFT yet, although not the best NFT art. The utility was excellent. The art was meh. This disconnect underscores the isness of an NFT. ryanmcginness.com Page 10 of 17PDF Image | Non-fungible Token Primer 2021
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